CLEVELAND, OH -- (MARKETWIRE) -- 06/27/07 --
U-Store-It Trust (NYSE: YSI), a
self-administered and self-managed real estate investment trust focused on
self-storage facilities, announced today that its Board of Trustees has
authorized a share repurchase program for up to 3.0 million of its
outstanding common shares. The Company may make purchases from time to time
in the open market or in privately negotiated transactions.
"Adding a share repurchase program to our existing capital allocation
alternatives of acquiring and developing self-storage facilities provides
us with a full range of options to continue to create value for our
shareholders," said Chief Financial Officer Christopher Marr.
About U-Store-It Trust
U-Store-It Trust is a self-administered and self-managed real estate
investment trust. The Company's self-storage facilities are designed to
offer affordable, easily accessible and secure storage space for
residential and commercial customers. According to the Self-Storage
Almanac, U-Store-It Trust is one of the top five owners and operators of
self-storage facilities in the United States.
Forward-Looking Statements
Certain statements in this release that are not historical fact may
constitute forward-looking statements within the meaning of the Section 27A
of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Such statements are based on assumptions and expectations that
may not be realized and are inherently subject to risks, uncertainties and
other factors, many of which cannot be predicted with accuracy and some of
which might not even be anticipated. Although we believe the expectations
reflected in these forward-looking statements are based on reasonable
assumptions, future events and actual results, performance, transactions or
achievements, financial and otherwise, may differ materially from the
results, performance, transactions or achievements expressed or implied by
the forward-looking statements. Risk, uncertainties and other factors that
might cause such differences, some of which could be material, include but
are not limited to: national and local economic, business, real estate and
other market conditions; the competitive environment in which the Company
operates; the execution of the Company's business plan; financing risks;
increases in interest rates and operating costs; the Company's ability to
maintain its status as a REIT for federal income tax purposes; acquisition
and development risks; changes in real estate and zoning laws or
regulations; risks related to natural disasters; potential environmental
and other liabilities; material weaknesses in our internal financial
reporting; and other factors affecting the real estate industry generally
or the self-storage industry in particular. The Company refers you to the
documents filed by the Company from time to time with the Securities and
Exchange Commission, specifically the section titled "Business - Risk
Factors" in the Company's Annual Report on Form 10-K, which discuss these
and other risks and factors that could cause the Company's actual results
to differ materially from any forward-looking statements.
Contact:
U-Store-It TrustChristopher P. Marr
Chief Financial Officer
(610) 293-5700